Customs duty exempted for gold import from BNU

TNNJan 27, 2005, 05.29pm IST

NEW DELHI: The Finance Minister, P Chidambaram has granted customs duty exemption in terms of Section 25(2) of the Customs Act, 1962, on the import of gold ornaments held in Banco Nacionale Ultramarino (BNU), Lisbon, a Portuguese Bank.

This is to facilitate the return of these ornaments to Indian citizens. These ornaments were taken to Portugal by Banco Nacionale Ultramarino (BNU) on the eve of liberation of Goa, Daman and Diu and subsequently reimported by State Bank of India (SBI).

This measure would bring relief to the 1,800 claimants who had pledged the gold ornaments with BNU during the Portuguese rule. In the past, gold ornaments have been returned to 4,700 claimants out of a total of 6,500 claimants.

The amount of duty foregone in respect of gold ornaments belonging to 6,500 claimants was estimated at Rs.14 crore. The Cabinet Committee on Political Affairs had earlier approved the proposal for authorising the State Bank of India to enter into an agreement with BNU for the import of the said ornaments.

This long pending issue has been resolved, so as to bring justice to the 1,800 claimants who were residents of Goa prior to its liberation from the Portuguese rule and who had pledged their gold to the Portuguese Bank.